Colt’s Manufacturing Settles With Two Top Execs
Colt’s Manufacturing has settled multi-million claims by the company’s former general counsel and an ex-vice president who said they were wrongly dismissed during a fierce fight among stockholders for control of the company, according to a report in the Hartford Courant.
The settlement headed off a trial that was set to begin on wrongful termination suits against the gun manufacturer and two stockholders by former Colt’s Manufacturing Co. Vice President Merrick Alpert of and General Counsel Carleton Chen.
Alpert and Chen won a succession of pretrial victories over the last year, The Courant said, including a court order in April that told Colt’s to set aside $3.8 million to pay the two, had a jury ruled in their favor.